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UK housing market shows signs of recovery

The UK housing market rose by 0.9% in September with an average increase of around £1,400 taking the average UK property price to £158,377. The annual rate of decline has fallen to 5.6% against 16.3% at the peak in February 2009 and while there is relief that the sector is starting to move again there is some concern that moves over the last few months have been born from very low transaction volumes.

It will be no surprise to learn that the largest house price increases were in London where the average price rose by 1.3% in September bringing the annual decline to 3.2%. The average home in the capital is now worth £314,954 and there would appear to be significant confidence in this particular area. However, against this background of low transaction volumes we are also seeing fewer and fewer quality homes hitting the market which is forcing bidders to increase their offers for the "better houses on the market".

There is a concern that once transaction levels begin to rise we will see more homes come on to the market and indeed premium pricing could well reduce and eventually disappear. However, there are still many people in the UK who cannot afford to move or afford to buy their first home.

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